Federal Reserve Bank of New York

History and architecture

This enormous building occupies an entire city block; it is fourteen stories high and has five stories below grade. The remarkable stone exterior is reminiscent of an early Italianate Renaissance palace with the horizontal and vertical joints of the stones deeply grooved (rusticated).

The wrought iron window grilles and lanterns represent some of the finest craftsmanship of this Century. The importance of the Federal Reserve Bank Building lies in its vast size, fortress-like appearance, fine proportions and in the superb quality of its construction. It set a precedent for many later banks which were influenced by its design. This bank is housed in a building worthy of its pre-eminent position in the financial life of New York City and of the entire country.

The question has been raised by the owner as to whether this building should be designated by New York City as a Landmark. The Commission is cognizant of the jurisdictional question. Nevertheless, it is very important for the Government of New York City to state officially its deep concern that this building be preserved. There should be no uncertainty about this.

The Commission would be negligent if it failed to act in this situation. At some time in the future this building may be in jeopardy. Our designation will be especially helpful in alerting New York City's elected representatives in Washington of the importance of saving the building. At present, the Commission's specialists can be of service in providing advice so that the architectural integrity of this building is maintained. Indeed a fine relationship already exists with many local representatives of the Federal Government.